[Grammar] Hold Second Place

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I have a question about the usage of the verb "hold". The following usage of "hold" could be found on the web:


1. "They hold a three-way tie at the moment."
2. "The team is holding second place."


But dictionaries don't seem to have definitions that fit the above usages. Could these usages be wrong?
 
Normally, we say "They are in a three-way tie" or "The team is in second place".
 
@MikeNewYork

So, this:


"Still, the Jets are 5-4-1, holding second place in the American Conference East, and remain in the middle of the wild-card chase."


would be unusual?
 
Less common. There are many ways to say something in English.
 
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